INCOME TAX
REBATE U/S 87A OF INCOME TAX ACT , 1961
RJA 31 Jul, 2018
Rebate u/s 87A of the Income Tax Act was introduced in the year of 2013 with the objective of reducing the tax liability of the assessee whose income is not more than Rs 3,50,000 You can claim the rebate u/s 87A if you fulfil the following conditions: You are an ...
Goods and Services Tax
Different Meaning of Turnover In Income Tax Act ,Companies Act & Gst
RJA 30 Jul, 2018
DIFFERENT MEANINGS OF TURNOVER IN INCOME-TAX ACT, COMPANIES ACT & GST As per companies act,2013: - "turnover" means the gross amount of revenue recognized in the profit and loss account from the sale, supply, or distribution of goods or on account of services rendered, or both, by a ...
GST Compliance
Highlights of GST Council Meeting Held
RJA 26 Jul, 2018
HIGHLIGHTS OF GST COUNCIL MEETING HELD The GST Council in its 28th meeting held today at New Delhi has recommended certain amendments in the CGST Act, IGST Act, UTGST Act, and the GST (Compensation to States) Act. The major recommendations are as detailed below: The upper limit of turnover for ...
Goods and Services Tax
All About TDS under GST Applicability, Rate, penalties Provisions
RJA 25 Jul, 2018
Complete Guidance on TDS applicable on Goods and services GST TDS is the system through which a certain percentage of tax is collected at the source of the income. Certain Government departments, Local Authorities, Agencies, and Public Sector Undertaking are required to deduct GST TDS. GST TDS is a ...
Goods and Services Tax
OVERVIEW OF GOODS AND SERVICES REGISTRATION
RJA 24 Jul, 2018
GST REGISTRATION FOR SERVICE PROVIDERS: - like any other category of business, service providers would be required to obtain GST registration, if the entity has an aggregate annual turnover of more than Rs.20 lakhs per annum in most states and Rs.10 lakhs in the Special Category States(The GST Council ...
INCOME TAX
Penalty U/S 234F (Fees) For Late Filling of ITR
RJA 22 Jul, 2018
PENALTY U/S 234F (FEES) FOR LATE FILING OF ITR Under this section, the fee (penalty) is levied if the Income-tax return is not filed within the due date. It is likely to be increased from 1st April 2018 onward as per Section 234F of the Income Tax Act. Provisions ...
INCOME TAX
ALL ABOUT EQUALISATION LEVY/GOOGLE TAX
RJA 21 Jul, 2018
Taxation Indian digital Economy: Equalisation Levy Over the last decade, Information Technology has gone through an expansion phase in India and globally. Consequently, this has given rise to various new business models, where there is a heavy reliance on digital and telecommunication networks. As a result, the ...
Goods and Services Tax
OVERVIEW OF ASSESSMENT UNDER GST
RJA 19 Jul, 2018
ASSESSMENT UNDER GST GST Assessment means the determination of tax liability under GST law. It includes self-assessment, re-assessment, provisional assessment, summary assessment, and best judgment assessment. Normally, persons having GST registration file GST returns and pay GST every month based on self-assessment of GST liability. However, the Government at all ...
COMPANY LAW
ARE YOU A DIRECTOR?-THEN YOU HAVE TO FILE E-KYC DIR-3 FORM
RJA 17 Jul, 2018
As part of updating its registry, MCA would be conducting KYC of all Directors of companies annually through a new e-form viz. DIR-3 KYC as per new The Companies (Appointment and Qualification of Directors) Rules, 2014. Today, E-form DIR-3 KYC now is on the Portal of the ...
Income tax return
Get aware for penalty of section 234F for late filing of ITR
RJA 13 Jul, 2018
In Budget 2017 our honourable Finance Minister, Mr Arun Jaitley introduced a new section 234F to ensure timely filing of returns of income. As per section 234F of the Income Tax Act, if a person is required to file Income Tax Return (ITR forms) as per the provisions of Income ...
INCOME TAX
HOW TO RESPONSE INCOME TAX DEMAND NOTICE
RJA 11 Jul, 2018
IF a taxpayer income tax return differs from the assessment made by the INCOME TAX OFFICER then taxpayer issued income tax demand notice. This notice is issued when the taxpayer has deposit less Tax for which he is liable to pay. IF You received demand notice then here are ...
INCOME TAX
LIMIT APPLICABLE FOR INCOME TAX AUDIT (U/S 44AB) IN INDIA
RJA 09 Jul, 2018
Objective if Tax Audit:- The objective of the tax audit is to report the requirements of Form Nos. 3CA/3CB and 3CD. Other than the reporting requirements of Form Nos. 3CA/3CB and 3CD a proper tax audit will ensure that the books of account and other records ...
Limited Liability Partnership
LLP requirements at the time of Incorporation
RJA 06 Jul, 2018
LIMITED LIABILITY PARTNERSHIPS (LLP) CONSULTING SERVICES The concept of limited liability partnership was introduced in order to adopt a corporate form that combines the organizational flexibility of a partnership firm with the benefit of limited liability for its partners. Some or all of the partners in a limited liability partnership ...
COMPANY LAW
HOW TO INCORPORATE THE COMPANY
RJA 05 Jul, 2018
COMPANY REGISTRATION – START-UP REGISTRATION The first step in start-up registration is choosing the correct and suitable form of business. Such a choice will directly impact their business name, the extent of liability towards business, liabilities towards tax filing & statutory dues. The main factors for the operational and ...
Income tax return
Change in law of belated return in income tax from A.Y. belated return u/s 139(4)
RJA 03 Jul, 2018
Old provision up to the Assessment year:- Any person who has not filed his return within the time allowed us 139(1) he can file his return at any time before the expiry of one year from the end of the relevant assessment year or completion of the assessment whichever is ...
INCOME TAX
QUICK REVIEW ON INCOME COMPUTATION AND DISCLOSURE STANDARDS (ICDS)
RJA 30 Jun, 2018
CBDT issued 12 drafts of Income Computation and Disclosure Standards (ICDS) after taking suggestions from stakeholders and the draft ICDS was open for comments and suggestions till 8 February 2015. After taking suggestion 10 ICDS is finalized by CBDT on 31st March 2015. It will applicable from AY 2017-18. APPLICABILITY RULES OF ICDS:- ...
INCOME TAX
Common mistakes in ITR have been done by you ?
RJA 17 Jun, 2018
Mistakes that are commonly done by taxpayers in filing ITR We appreciate that filing IT returns may be time consuming, especially if you are young and have just filed a few. However, the advantages outweigh the time and effort required to file it. It is also the responsibility of ...
Income tax return
Common Mistakes in Income Tax Return Filling
RJA 17 Jun, 2018
Common Mistakes in Income Tax Return Filling Mistakes that are commonly done by taxpayers in filing ITR are listed below. These mistakes may create some problems or may bring tax notice for the taxpayers. So it is beneficial to avoid such mistakes that are given below:- Filing ITR using ...
COMPANY LAW
A FORIGN COMPANY OPEN A BRANCH OFFICE IN INDIA
RJA 15 Jun, 2018
Pre Compliances REQUIRED CONDITIONS OF A FOREIGN COMPANY OPEN A BRANCH OFFICE IN INDIA, The name of the Indian Branch office shall be the same as the parent company. The Branch office does not have any ownership, it is just an extension of the existing company in a foreign country. ...
OTHERS
Business Set up in India- Startup India scheme Benefits
RJA 12 Jun, 2018
Business Set up in India- Startup India scheme For expanding business across the international frontiers is considered as an important aspect for the business to establish milestone. Rapid economy growth with resources and inexpensive labors makes India the topmost choice for the business owners to establish a business in. Apart ...
INCOME TAX
National Committee on Deduction benefit under section 35AC
RJA 02 Jun, 2018
This is to update about Deduction benefit under section 35AC, the Government today said the benefit of deduction under section 35AC of the IT Act will only be available till March 31, with respect to the payments made to associations or institutions approved by the National Committee for carrying-out any ...
ROC Compliance
Due Date for Filling Annual Return
RJA 18 May, 2018
Due Date for Filing Annual Return All companies registered in India must file annual returns each year, irrespective of business turnover or activity. The annual return must be filed in Form MGT-7 and Form AOC-4 is also filed along with the annual return. In this article, we look at the ...
ROC Compliance
Shifting of Registered Office from One State to Another
RJA 11 May, 2018
Shifting of Registered Office(RO) of the Company from One State to the Another which has more compliance than shifting the Registered Office within the State. Detailed Procedure According to Section 13 read with Rule 30 of Companies (Incorporation) Rules, 2014:- Prepare Draft Memorandum and Articles of Association of the Company. Call ...
ROC Compliance
MCA has notified amendment to various rules under Companies Act, 2013
RJA 11 May, 2018
MCA has notified amendment to various rules under the Companies Act, 2013. w.ef. 07 May, 2018 MCA has notified amendment to various rules under the Companies Act, 2013. The amendments are effective from May 07, 2018. The amended provisions have been discussed as under: MCA has amended the Companies (Meetings of the ...
